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Jan 10, 2013 4:30pm PST
. president obama taps a new warrior for the debt ceiling fight. he chooses jacob lew to be the 76th u.s. secretary of the treasury. >> tom: i'm tom hudson. uncle sam wants to make sure you can afford that home loan before you buy. new rules to protect consumers from bad mortgage lenders are on their way. >> susie: and, we look at whether new year's resolutions, to lose weight, can pump up your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: president obama named today a "low key" washington hand as his new secretary of the treasury. jacob lew is being called a man who combines tough bargaining with deep economic understanding and a commitment to protecting the safety net for the poor and the elderly. some republicans have promised to oppose lew's nomination, but most say they are reserving judgment. darren gersh has more on this pivotal player. >> reporter: the president introduced his pick for treasury secretary as a man who gets tough jobs done. and one of those jobs will be protecting programs the presidensupports. >> as the son of a polish immigrant, as a man of de
FOX News
Jan 12, 2013 4:00pm PST
with congress over raising the debt ceiling. the u.s. has reached borrowing limit it did so last week by late february or early march. the treasury department will run out of ways to cover its debt and could begin defaulting. the pentagon looking at a request from france for drone support. france wants the assistance as its military takes on al qaeda linked terrorists terrorists in. french troops drive back rebels take back control of big chunk of west african nation. turning now to the civil war raging in syria. international efforts to hold the syrian government responsible for war crimes now. more than 50 nations backing a plane conflict to the international criminal court. this as rebel forces and syrian troops battle for control of key territory outside of syria's capital damascus. the u.n. estimating now 60,000 people have conor powell has the latest russia announcing today it continues to support u.n. backed peace efforts but also undermining those efforts by saying that the removal of president assad from power cannot be a precondition to talks. this comes as rebels have taken control
Jan 8, 2013 11:00am PST
the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. but republicans seem to think the debt ceiling is a good tool to limit how much the government spends. the current ceiling was officially hit on december 31st, but like last time, the u.s. treasury is using extraordinary measures to get through until about mid or late february. if congress doesn't act by then, government may not be able to pay some of its bills, as simple as that. rush, i hope you're taking notes. that's it for me. i'm out. same time tomorrow. you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-u
Jan 10, 2013 2:30am PST
jack lew is expected to be nominated as secretary of treasury replacing timothy geithn geithner. underscoring a focus within the white house on the fiscal battles to come. including a showdown on the debt ceiling. look at his signature. here's what it would look like on its dollar bill. it makes my chicken scratch look good. >>> hilda solis announced that she's resigning. eric holder is staying on at least for now. also remaining on the job secretary of health and human services kathleen sebelius. ray lahood the only republican in the cabinet hasn't signaled whether or not he's leaving this administration. >>> hill kri clinton will be stepping down from her post in the coming weeks. we're not going to call it retirement? >> retirement? >> i don't know if that's the word i would use. certainly stepping off the very fast track for a little while. >> the obama administration pushing back after a picture taken in the oval office, this image by the photographer was featured on the front page yesterday of the "new york times." a group of men meeting with president. with top positions
Jan 11, 2013 6:00am EST
. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis and had been working closely with his republican predecessor at treas
Jan 13, 2013 5:00am PST
and deposit it to the federal reserve to step aside of a fight with the debt ceiling and and after the treasury department issued a statement saying that quote, neither the treasury department nor the federal reserve believes the law can or should be used to facilitate the production of platinum coins to avoid the increase in the debt limit. and finally a quick personal update, i'll be in baltimore on wednesday to talk about my book "twilight of the elites." a chapter about the steroids era in baseball and i'll be at pratt library. >>> and you should know aaron schwartz has died of suicide at age 26. his body was found in his apartment on friday. aaron was one of those naturally brilliant precocious hackers who at the age of 14 codeveloped the syndication of rss web protocol and is a key component of the we be's infrastructure. he founded a company to merge with a user generated social site which is one of the most highly trafficked. reviewed doz. he wrote beautifully and prolifically. he worked with progressive change committee and founded demand progress to keep the internet open
Jan 14, 2013 11:00am PST
. and if you do, you're breaking the law. >> u.s. hit the debt ceiling on december 31st. the treasury is using so-called extraordinary measures to put off any default on its obligations, probably until about the middle of february. by then, congress must raise the debt ceiling, otherwise the government can't pay all its bills. some congressional republicans apparently seriously considering risking a default on the ability of the u.s. to pay its loans or even a government shutdown in order to force the president and democrats to agree to spending cuts. but president obama said today that republicans will not collect any ransom in exchange for a deal that puts the u.s. government on a crash diet. we are not a deadbeat nation, he said, strong words from the president that are sure to provoke, already provoking return fire from republicans, but in this case, the president couldn't be more right. this country needs to get a grip on spending, but messing with the debt ceiling is not the tool to use to do it. passing a real budget is the way to do that. >>> on the money menu, investors took a bite ou
Jan 14, 2013 7:00am EST
look at options the treasury department has to avoid hitting the debt ceiling and later, the mission and scope of the bureau of alcohol, tobacco, firearms, and explosives. "washington journal" is next. ♪ host: good morning, it is monday, january 14, 2014. the house returns to capitol hill today for an abbreviated worth -- an abbreviated work week. it will include spending and though relief in the wake of hurricane sandy. work continues on the obama administration's response in the wake of the mass shooting in connecticut. that is where we want to be in with you this morning. what fox you have on the roll of film, television, and video games in this ongoing debate? what responsibility, if any, to those groups have to change or put restrictions on their products? give us a call on the democratic line. for democrats, 202-585-3880. for republicans, 202-585-3881. for independents, 202-585-3882. and if you are outside the united states, 202-585-3883. you can catch up with us on all of your favorite social media sites. or you can e-mail us, journal@c- i want to star
Jan 14, 2013 12:00pm EST
for exhausting treasury's extraordinary measures to put off the debt ceiling, and if the economy tanks, if markets go haywire he can say its house republicans' fault but he's going to be sitting in the white house and presiding over that mess and he's got to hope that republicans buckle to his point of view. that's certainly what he is signaling right now. >> does that make it likely he will have to negotiate with the very folks he said he won't? >> not leslie. necessarily. depends on what republicans do. he believes he's been able to portray republicans as the obstacle to reasonable compromise and he's going to try to draw that line again, and force them to buckle. now, when it gets to the zero hour and we have the potential to breach the debt ceiling then we'll find out whether he really won't negotiate at all or whether there's a some sort of fig leaf separation between spending cut negotiations and debt ceiling negotiations. but he was very clear and definitive here and i think it will make it more difficult than it was before this news conference for him to back away from the posi
Jan 8, 2013 2:00am PST
the bipartisan policy center saying the treasury department's going to run out of room on the debt ceiling earlier than we thought. february 15th, they say. that's the "x" date when we can't pay all of our bills, when we literally only have that date $9 billion coming in, and we have $52 billion in bills. imagine that in your own household. if you had $9 billion coming in and $52 million going out. when you look at it, it's staggering. i think we have a chart on the left. that's how much daily catch flow analysis, that means how much on the left, $9 billion is coming in. look at all the bills on the right we have to play, interest on the debt, $30 billion, we only are bringing in $9 billion a day on february 15th, but we have $30 billion in debt payments. how about irs refunds because it is, of course, tax season. federal salaries and benefits, $3.5 million, military active pay, medicare/medicaid, defense, food/hud/welfare/unemployment, other spending. that's how unbalanced it is. that's why they say we can't live like this anymore. the fight about how to get that in line is going to be ug
FOX Business
Jan 8, 2013 9:20am EST
will hit the debt ceiling february 15th, weeks before the treasury said we would it it. president obama says, quote, we do not have a spending problem. interesting situation. check the market, dow industrials down 55 points. take a look at the big board. 55 points down. sears is down again. nicole: the ceo at ambrosia is stepping down and lambert moving into the role temporarily. here is the stock down 7-1/4%, some good sales recently, same-store sales, analysts say they were not as bad as they were anticipating. despite the s&p sales numbers we are seeing stock moving dramatically to the downside down 7-1/4%. stuart: well said. a new study says that college professors have the most stress free jobs in the country. a month off in winter, the entire summer off, yearlong sabbaticals full repay. at 10:35 we will ask a college professor is that really the case? i am about to make myself wildly unpopular in some circles. here's my take on the flu. we are told it is an epidemic, it is sweeping the country, record numbers coming down for the nastiest flu bug in years. some of you watching this
Jan 14, 2013 7:00am PST
the government hit the debt ceiling at the end of december, but treasury secretary tim geithner was able to extend government funding through february 15. republicans want big spending cuts in exchange for raising the borrowing limit. president obama says he will not negotiate with congress paying its own bills. >>> did you see a big difference? the first paycheck of the new year brought surprises and raised eyebrows for at love people all over the country. as pam cook reports in our newsroom, it's not a good surprise, pam. it's expected to have a big impact on the economy. >> reporter: yes, it is. the country did not fall off that fiscal cliff but as a result, some people say it feels like their personal budgets did. the federal compromise means tax breaks for social security and medicare expire. for singles earning $200,000 a year, couples earning $250,000 a year, that translates to about a 2% cut to their take- home pay. one man said he and his wife are losing nearly $300 a month. that's their car payment or groceries for the month. the nonpartisan tax policy center estimates that 77%
Jan 13, 2013 8:00am PST
take the debt ceiling off the table. but if not mint the darn coin." 24 hours later, the treasury department said no way. it's not going to happen and closed the doors. make the case for why you were for it. >> the thing you have to understand, the debt ceiling is a fundamentally stupid and -- but dangerous thing. we have congress that tells the president how much he must spend, tells him how much he's allowed to collect in taxes. he says okay there's a difference there. i've got to borrow it. no, you can't borrow it. so the whole debt ceiling thing itself is a crazy thing and forces the president to do something illegal. either to defy congress on what it told him to spend or defy them on borrowing and told him not to and have the weird loophole which everyone agrees is crazy. but is a loophole that says that the secretary of the treasury can mint a coin for any amount which is supposed to be for commemorative pieces but does avoid -- does offer a way to bypass this and all that's really doing is the way to bypass the debt ceiling. it isn't even printing money but saying, hey, we
Jan 10, 2013 11:00am PST
is a picture for treasury and what you need to know about the debt ceiling and california teachers say no to guns. first president obama is just nominated jacob jack lew to be the next treasury secretary. lew has been the chief of staff and described as a consummate washington insider. he has done two stints at the office of management and budget. an old cog eel of his told me yet experience makes him the perfect choice for the job right now. >> it is described as the central nervous system and everything of consequence goes through it. it coordinates the branch for the president like the chief operating officer role. in that, jack has been exposed to every type of policy and issue and regulation. it's a huge gambit of issues and terrain that he is an expert on the depth he can bring on a number of issues, especially economic policy. >> that makes lew more than qualified to negotiate the debt debates and republicans in congress. wall street doesn't like him so much. who cares what wall street thinks. to many that makes him more palatable. the president made the right choice with tim ge
Jan 10, 2013 12:00am PST
by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidun
Jan 9, 2013 6:00pm PST
with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidun
FOX News
Jan 14, 2013 12:00pm PST
requires congress to control and authorize any money needed to pay for federal programs. debt ceiling was introduced way back in world war one. it was meant to give the treasury department more spending at that time. wendall goler, the president seemed that he was willing to call the republicans' bluff on this thing. >> he won't collect ransom for not collecting it on the economy. the last time the country reached the debt ceiling, obama was thinking about what will be prioritized next time. >> if congressional republicans refuse to pay america's bills on times, social security checks and veterans benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owners. food inspectors, air traffic controllers, specialists who track down loose nuclear material wouldn't get paychecks. investors will ask if united states is america is a in fact a safe bet. >> reporter: they launched a new term by focusing on the issue likely to dominate the second term. >> shep: what are we hearing from republicans on this? >> republicans are looking at a fiscal
FOX Business
Jan 14, 2013 11:00am EST
to increase the debt ceiling. we got a knock down from the treasury department that the treasury can print a $1 million coin to get out of this. there was a statement from jay carney who says there are only two options to deal with the debt limit. congress can pay its bills or fail to act and put the nation into the fall. it will not necessarily be a default if we pay our creditors. if we get beyond that that feeling, sometime in mid-february range, if we get there, how does the administration prioritize its payments. republicans, however, they will discuss their strategy on how exactly to pay this debt ceiling pipe. connell: thank you very much. the news conference a few minutes away. dagen: let's bring in political analyst doug shoen. he is a fox news contributor. first up, how ugly will this fight the? >> i think it will be very ugly. president obama is locked into a position that he is not negotiating and the debt ceiling may go out. i think we are set. connell: dagen mentioned the former president bill clinton. if he were an office, he would bring you and. if he had this position and
Jan 8, 2013 6:00am EST
about. about whether the treasuries get over the debt ceiling, can actually mint a platinum coin worth $1 trillion and call it a day. but i feel like it's getting transaction in weird places. >> well, among politicians, so there's your point. look, here is a couple problems i have with it. one is that the fed is not allowed to buy platinum. so how does the money get created? the government can print whatever it wants on any coin it wants. it's a clever idea. gold coins work and the amount of gold is more than ta face value so you never sell it at face value. so you would have to have a coin that would be worth more than $1 trillion after you melt et down and -- >> but would that convince anybody that we have any situation on what's going on and we've managed it? >> absolutely not. and the person who came up with this idea would be the first to say that. >> who came up with it? >> i don't know. i forget the exact name. but -- >> the 14th amendment -- >> the white house is -- >> the 14th amendment is that the president can do whatever it takes in order to maintain the u.s. debt. so basic
Jan 10, 2013 7:00am PST
showing little progress on next month's debt ceiling deadline, a far-fetched solution is getting more mainstream. we're talking about the $1 trillion coin. supporters including some lawmakers and nobel laureate paul krugman say the treasury department has the power to mint the supercoin which in turn would be used to raise the debt ceiling. and white house press secretary jay carney added some fuel to the fire when he refused to rule it out. >> do you believe you have a power to mint -- >> there is no plan "b." there is no backup plan. there is congress' responsibility to pay the bills of the united states. >> that's a little evasive in your answer. but i say -- are you narrowing the lead -- are you trying to leave room or not? >> there's no substitute for congress extending the borrowing authority of the united states. >> do you believe this is an option, and viable? >> i think there's the only option there. there is no backup plan. the only option is for congress to do its job. >> let's bring in nbc analyst and former communications editor karen finney. and also chip saltzman. good
Jan 14, 2013 7:00pm EST
this afternoon we could hit the debt ceiling and exhaust all the extraordinary measures he's been taking as soon as one month from now. >> you know, john, 2010, 2011, the 2012 he negotiated. he voted against the debt ceiling i believe in 2006. why all of a sudden does he not want have to have negotiations? >> i think will's happened, larry, is that the president spent 2011 and 2012 with republicans squeezing him on his priorities, having opposed him during the first two years of his presidency. then that really had the wind at their back. the tea party election of 2010 had given republicans very big numbers on the hill. and he's decided that he backed up, and he backed up and he backed up, and he's not going to back up anymore. he took his argument to the american people in the election. he won the election. they held the house, that is true. but he's decided that he's been vindicated by public opinion broadly, and he's going to try to hold that ground. the question is going to be, larry, at the end of the year on the tax issue, he had the hammer behind him of the expiration of all the bush tax
Jan 6, 2013 5:00pm PST
as budget battles over delayed spendion cuts, government funding and the looming debt ceiling. mr. obama's inauguration is january 21st, followed by his annual state of union address congressional leaders are gear up with the debate over the debt ceiling. as elizabeth corridan tells us republicans want any increase tied to spending cuts. >> i believe we need to raise the debt ceiling, but if we don't without a plan we all should be fired. >> reporter: now lawmakers start a new session under pressure to avert another financial crisis. this time, over raising the debt ceiling. if an agreement is not reached by late february or early march the united states risks defaulting on its financial obligations and the altru will be on how much congress will agree to cut spending. >> the bottom line is that we can't continue down the path we're on to borrow money to pay our own debt. we have have to have serious spending cuts. >> reporter: key democrats say they are not related. >> people are going to say i will not pay my bills unless you stop buying stuff, well stop buying stuff so you don't ha
Jan 9, 2013 9:00am PST
-called mini cliffs, the big one, the debt ceiling, something he will have to deal with right away. >> when is the formal announcement of the nomination expected and another partisan fight down the road? >> very well could be. we have been trying to nail it down. all we have from sources is that it will happen sometime this week mptd not certain if that is tomorrow or friday or over the weekend but it will happen sometime this week. we have seen already in other nominations that the president has put forward that there has been a pushback from republicans and democrats to the nominee. unclear how the lew nomination will go. i think by all accounts everyone believes that he will be able to get confirmed. but there are concerns not only from wall street but all the way to main street that he doesn't have the experience needed to tackle the big challenges ahead. >> thanks for that. let's bring you in. timothy geithner being with the president from the beginning they have faced financial hurdles together. still facing that $16.4 trillion debt ceiling coming up. why is the white house so sure j
Jan 7, 2013 6:00am PST
potential default. the whole debt ceiling business. the domestic and defense cuts postpone for two months by the fiscal cliff deal kick in. also known as sequester around these parts. of course, march 27th, the big the continuing resolution that funds the entire government expires. that may be where things truly heat up. mitch mcconnell drew a line in the sand saying though republicans are willing to work on tax reform as part of upcoming budget negotiations, new tax revenue is, "absolutely off the table." >> we've resolved the tax issue now. it's over, it's behind us. >> the tax issue is over. >> the tax issue is over, finished, completed. >> that may be mcconnell's view and not the view from the white house or democrats. they say new revenue is needed, mainly by scaling back tax breaks for the welty. >> these loopholes where people can park their money on some island off shore and not pay taxes, these are things that need to be closed. we can do that and use the money to reduce the deficit. >> is that done now? is the revenue side of it taken care of yet? >> no, no. >> if mitch mcconnel
Jan 13, 2013 7:00pm PST
the debt ceiling. and chevy rolled out a new corvette, hoping to reinvigorate the brand. i'm jeff glor. cbs news. >> pelley: interviews with supreme court justices are rare, but tonight, even more so because, in 223 years, there has never been a justice like sonia sotomayor. among other things, she's the first hispanic on the court. she's the daughter of puerto rican immigrants who settled in the bronx, that new york melting pot that pours out streetwise kids and american success stories. sotomayor, now 58 years old, calls the streets of her childhood "my beloved world," and that's the name of her new memoir. in her first broadcast interview, she told us that the neighborhood gave a poor girl with a serious illness a chance to serve and an opportunity to become one of the most powerful women in america. this is where you grew up? >> sonia sotomayor: in a public housing project. i lived in this one on the corner. hold on. hola. ¿como estas? >> welcome to your old neighborhood. >> sotomayor: gracias. >> kroft: you could believe she never left. they remember and she's never forgotten. seems t
Jan 8, 2013 3:00am PST
underway in washington already to get ready for the debt ceiling battle. now we're told the treasury may not be able to pay its bills after february 15 which moves the clock up two weeks ahead of what we thought it was last week. lots to talk about. lots to get into. let's get right to it with team press. peter ogborn and dan henning. >> happy tuesday. >> good to see you bill. >> bill: thank you. not good to hear me. good to see me. i notice the difference there. not very subtle there. >> good to have you here. >> good to have you. >> bill: i wish i could do more. i'm drinking my tea. my hot tea my cold tea. >> you're doing everything right. someone e-mailed saying you should be drinking rum. >> i've heard of whiskey. never heard of rum. >> someone e-mailed last night saying give him some rum. >> bill: make a hot toddy. >> go get him a hot toddy. >> luckily phil carries a flask with him everywhere he goes. >> bill: i thought that was cyprian. cyprian bowlding as always got the video cams. phil back backert has the bones. >> we missed you of course. >> bill: as a christian as a catholic p
Jan 11, 2013 12:00am PST
gharib. president obama taps a new warrior for the debt ceiling fight. he chooses jacob lew to be the 76th u.s. secretary of the treasury. >> tom: i'm tom hudson. uncle sam wants to make sure you can afford that home loan before you buy. new rules to protect consumers from bad mortgage lenders are on their way. >> susie: and, we look at whether new year's resolutions, to lose weight, can pump up your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: president obama named today a "low key" washington hand as his new secretary of the treasury. jacob lew is being called a man who combines tough bargaining with deep economic understanding and a commitment to protecting the safety net for the poor and the elderly. some republicans have promised to oppose lew's nomination, but most say they are reserving
Jan 10, 2013 6:00pm PST
.b.r. >> susie: good evening everyone. i'm susie gharib. president obama taps a new warrior for the debt ceiling fight. he chooses jacob lew to be the 76th u.s. secretary of the treasury. >> tom: i'm tom hudson. uncle sam wants to make sure you can afford that home loan before you buy. new rules to protect consumers from bad mortgage lenders are on their way. >> susie: and, we look at whether new year's resolutions, to lose weight, can pump up your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: president obama named today a "low key" washington hand as his new secretary of the treasury. jacob lew is being called a man who combines tough bargaining with deep economic understanding and a commitment to protecting the safety net for the poor and the elderly. some republicans have promised to oppose lew's nomination, but most say they are reserving
FOX Business
Jan 14, 2013 7:00pm EST
he will not negotiate on the debt ceiling, even accusing republicans of an unfortunate metaphor, holding a gun at the head of the american people, as he put it. meanwhile, treasury secretary tim of the airline's the united states to default on payment as soon as mid february. for more of the president's is covered son joined by former reagan political director ed rollins, former pleasant to have clinton political adviser. let's start with the president's news conference today. the president seemed, well, you characterize it. he seemed to fill in the blank " >> i would say congeal. meaning that he tried to portray himself as reasonable and said that there was now negotiating and the debt ceiling, lesley because he is in a strong position politically in that the most would agree that the republicans are showing no signs of real life. lou: do you agree? >> i think the republicans rolled over and play dead. at this point in time they will draw a line in the sand. no believe they should shut government down, but i think this is a position where they need to make their case known. the
Jan 9, 2013 8:00am PST
to deal with the debt ceiling, the fiscal cliff and the all in the comes months. >> kristen, we look at the optics of this, the inner circle being all white men. what is the tone in washington especially since was the obama coalition that got obama in for a second term? >> well, look, the white house is kernel getting criticism over this issue, especially from women's advocacy groups who are saying there aren't enough women in the top positions at the white house. the white house playing defense on this issue. jed jay carney asked about this saying that diversity is an important issue for the president but he's also choosing especially in these top spots, the people he believes he will work best with, best for the job. there are also reports 0 out that 43% of the appointees here at the white house are in fact women. that's actually an increase if you look at the bush administration. although not as high as the clinton administration. but they are certainly coming under some criticism. for the way in which this cabinet is shaping up. >> nbc's kristen welker live for us. thank you. >>>
Jan 7, 2013 7:00pm EST
and fought a whole bunch of debt ceiling battles with both democrats and republicans throughout my time in the administration, it's not a great law. it's not great ground to negotiate on, as well. if you're in the congress because you know at the end of the day it is going to have to be raised and shutting down government, you know, chris was there. we've gone through government shutdowns before. and congress never wins in that situation. and i think that would be the case today. the sequestration, though, there is a possibility of negotiation there because you have both sides who are going to feel some pain by those cuts. i agree with you, a deal was made on sequestration in order to get the debt ceiling. should have to live with it. >> now this -- >> a deal is a deal. >> right. >> this sequestration -- this spending cut today was done a year ago and they raised the debt ceiling. they're a year behind. and you work for bill clinton. and i am an admirer of many of bill clinton's economic policies. bill clinton, gingrich, a handshake was a handshake. they said they cut spending, they cut
Jan 12, 2013 1:00pm PST
, it was mentioned as a way to dodge the debt ceiling fight. there are two options, congress can pay its bills or it can fail to act and put the nation into default. so we are back with our brain trust, we have heather, and rob, and robert costas on that big news that the trillion dollar coin will not be made, hearts at louis vuitton are crushed. so, they do not have to worry about that. so let's get to the one big last question. heather, i will start with you, the big battle in washington the debt ceiling. who will win? >> the democrats are -- and the president are going to have to win this. because too much is at stake. i mean, if we look at what actually is driving the nation's debt. we have two war thars that were on a credit card. we've a medicare part-d that was a huge give away to the pharmaceutical companies. and the bush tax cuts. those are the biggest drivers of the nation's debt and now republicans are saying we spent the money and the commitments but we do not want to pay the bill because we want to try to shut down the government and enforce more spending cuts that will directly p
Jan 10, 2013 11:00am EST
bargainer and was involved in the debt ceiling with congress back in 2011 and, of course, the recent fiscal cliff talks. republicans aren't excited about the pick but it's unlikely they'll be blocking that nomination. keith, back to you. >> all right. thanks hampton. >> you got it. >>> we introduced you to a wonderful young man who was really hoping a family would come forward to adopt him after his appearance on "wednesday's child" last spring. we think the right family didn't happen to be watching so we want you to have an opportunity to meet ronald again. there was a chef's coat and an apron and finally, the making ronald ready for his first real lesson in cooking. >> you ever worked with pan he ta before? >> this chef of the art institute of washington's culinary school was giving ronald, an aspiring chef, a lesson in making pasta carbonera. his social worker says being a chef is one of the dreams that he has for the future. but she says he'd really like a future that would include an adoptive family. >> he's a sweet kid. the thing that's so amazing about him is he really wants to do we
Jan 9, 2013 7:00am PST
, matt, are floating an idea to try to avoid that debt ceiling crisis, proposing that the treasury department mint a platinum trillion dollar coin. you would put that coin away in the federal reserve and then if necessary, you would spend it to help pay off the money that the u.s. owes. if that did happen, an idea some would call ridridiculous, you wd hate to be the person to put that coin in the million dollar meter. >> not a good thing, peter. thank you. >>> new jersey governor chris christie made some headlines recently when he called out gop republicans for postponing a disaster aid vote for sandy victims. "time" magazine last night bumped someone off the cover of their magazine, they put this face on the cover of this week's issue with the headline, "the boss." with all due respect to the guy we both like, bruce springsteen, that's not what they're referring to. they're referring to the fact that this is your time to take the reins of the republican party. are you going to do it? >> i'm going to be the govng to of new jersey. that's my job. the only reason you get this attenti
Jan 14, 2013 3:00pm PST
. the treasury has created a plan that basically could do certain things if congress didn't raise the debt ceiling it would prioritize some of its payments or sell off some u.s. assets or things. the white house never signed off on that. frankly it wouldn't be in the president's interest to come up with a plan-b right now because that would just weaken his hand in these discussions. jake is right when he says that we're going to see a battle over the debt limit whether if white house wants this or not. it's likely to be a little bit uglier than what we saw in 2011 just because the republicans are coming off a bruising election. they're coming off a fiscal debate at the end of the year where they feel like they didn't get anything out of it because they didn't get the spending cuts they want. they have these two things coming up in terms of the budget negotiations. and you have these automatic spending cuts that are set to go into effect at the end of february. they feel like the debt ceiling is going to be... is their leverage. they managed to usity fek tively in 2011 although if you're an
FOX Business
Jan 9, 2013 1:00pm EST
secretary. if confirmed he will have to jump into the debt ceiling debate. that will be trial by fire, isn't it? rich edson is live at the white house. >> this is the reason why he is selected. he has really been a budget person here in washington for the past 30 years. he was budget chief under the clinton white house and obama white house. he has been in all the particular budget fights especially next to president obama with the debt ceiling year-and-a-half ago in most recent recent round. according to folks early in the week telling us at fox we would get announcement by the end of this week that jack lew would likely be the next treasury secretary pick from president obama. we don't have much week left. on friday the president of afghanistan, hamid karzai is expected to be here at the white house. that has us all looking at tomorrow as the official date for this. the reasoning behind that, yes, he has been in on all of the budget fights. he spent all of last few years really of his career in washington, d.c. in the federal government. he spent a few years at citigroup. he was the chie
FOX Business
Jan 14, 2013 1:00pm EST
years, but it seems like when it comes to the wire, we always find a way to raise the debt ceiling, get washington back to work again, and that is our expectation. the difficulty is that the uncertainty in washington is freezing the treasury mark and investors. >> okay. back to ben bernanke, commenting this afternoon, if he reassures wall street he plans to continue the bond buying for as long as it needs to happen to get unemployment back, to get the economy growing. do you think that will keep rates depressed or signals, yeah, you know, we don't need to continue with this as long as we had initially planned to. do you expect a sharp, a rise in rates in take it from there. curious to where you think rates are headed. >> lori, between now and the date of sequesteringen on march 1st, treasury yields in a tight range? >> what kind of range? >> i think 1.7% to 2.1%. that's where we see good support and resistance, and 40-point basis range is what i expect. >> thank you so much, bill. great to see you. >> thank you, lori. >> time to move to louisiana. the governor proposing the elimination
Jan 7, 2013 9:00am EST
with regard to debt ceiling, are they being real? whenever i have questions like this, i always go to the man. larry kudlow will be our guest in 20 minutes. you'll want to see this one. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. >>> a sight for sore eyes. >> good morning. happy new year. fortunately or unfortunately i get about a thousand year-end reviews. one stood out this career. one is the asset manager firm. it's up to 20 plus years now, outperformed the s&p more than two to one of 28% last career, mark ten years significant value over the s&p. and so let's talk about some of the names on the 2013 forgotten 40 list. let's start out with gold foods. why is that on the list and tell us why you like it. >> sure. thanks for having me, first. gold is on there for two reasons. one, when we look at a company, it's a figure that makes you s
Jan 13, 2013 10:00am PST
get the u.s. government past the immediate stumbling block of the failure to raise the debt ceiling. that's a legal matter. as a political matter, i think it's basically a nonstarter because it seems comical and it seems ridiculous. >> bruce, you suggest an alternate strategy which is one bill clinton has talked about and colombia law professors do. which is the president should essentially say, i have the implicit authority to raise the debt ceiling without congress, correct? >> that's right. of course, i'm not a legal scholar, but i do oppose the existence of the debt limit. i even testified before the senate finance committee that we should get rid of it. i think it's a dreadful left over from ancient history that simply creates opportunities for hostage taking by congress, such as the one we're facing right now and our foreign policy, we don't negotiate with hostage takers for a very good reason and i think that we need to get rid of this debt limit. but i'm perfectly willing to go along with the trillion dollar coin, if that's what's necessary to prevent this hostage from being
FOX News
Jan 8, 2013 8:00am PST
is happening. greg palkot, thank you jenna: the bipartisan center says we'll hit our debt ceiling much sooner than we thought. our national debt is surging past the $16 trillion debt limit and the treasury department says special accounting moves, special accounting moves can keep the government running until sometime in march but that may no longer be the case. charles payne from the fox business network. charles, when you hear special accounting moves you wonder what does that mean exactly? >> well the treasury has a special emergency boar rowing capacity up to $200 billion. we're eggs essentially buying a little bit of time. on march 1st we owe $83 billion. there is whole lot of other things. put it this way. between february 15th and march 15th weho owe, america owes about $450 billion. we'll be taking in 277 billion. that leaves a big gap. >> certainly does. when we have our own credit cards, charles, we can't just say oh, i will extend the credit limit because this month i want to buy a little more than last month. can you explain to us the process that one country can extend its own cr
Jan 14, 2013 6:00am PST
refused, saying they're refusing to negotiate over the debt ceiling. question is show, how do they enforce not negotiating when they have their own arcane plan b. over the weekend, the treasury didn't department took one of toews off the table. the trillion dollar platinum coin. senate democrats suggested another plan brk. they wrote in a letter to the president that if the republicans refused to raise the debt ceiling or agreed to do it as part of unbalanced legislation, then we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval if negative. so senate democrats are beg igi the white house to consider maybe it's the 14th amount md option. whatever it is, they're begging the white house to find a plan b. meanwhile, the republican leadership is quietly trying to push itself rank and file away from a debt ceiling showdown, believing the fight worth having is over funding the government in a potential government shutdown. the risk, if they use debt ceiling as the leverage po
FOX Business
Jan 8, 2013 11:00am EST
was a lightning rod in 2011 with talks of raising the debt ceiling and backed away. could have been a calculated move to be safe for the expected treasury nomination. it's not certain yet, but that's what everybody expects to happen. it was an attempt to move tim geithner, the outgoing treasury secretary forward a little bit. either guy became very important in the final enproduct, but joe biden who was the key negotiator from the white house. how much is planning and how much is just the way things have always been. cheryl: i don't know. you know, charlie, one of my colleagues here in fox business, reported for months that jack lew would be the new name and gilet near would be out. it's months of reporting. seems to me the president knew a long time ago jack would be the guy. at the same time, it's surprising he would take on a fight like this with congress with when he has the chuck ha golf course e -- chuck hagel fight as well. it's like he doesn't care what republicans or nip thinks in washington and does what he wants. >> i don't see a fight with jack. he's not popular with republicans, tha
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